Posted by Lyal on September 26, 2003 at 08:06:16:
I try to avoid any deals where there is no up front money paid. It’s too easy for the “renter” (that’s all they are) to bail out and leave you with a mess but then I also try to avoid being a motivated seller (not always successful at that though).
Can you at least get a co-signor or something else as collateral or to put a lien on?
Whatever you do, don’t just make it a “handshake” deal. Have it properly documented so you can go after him (garnish his wages if necessary) if the deal goes sour and he knows it. Also make it fair to you, charge interest just like a bank would so a portion of the payment goes towards the price but not all of it.